Stocks Mixed As Boeing Hoists Dow; Apple, FANGs Drag On Nasdaq

Boeing ( BA ) and Verizon ( VZ ) staked out early leads Tuesday, helping boost the Dow industrials, while the big tech names hauled the Nasdaq to an early decline.

[ibd-display-video id=3018640 width=50 float=left autostart=true]The Dow Jones industrial average rose 0.3%, looking to extend its advance to a fourth day and with an eye on retaking its record high, set on Dec. 4. The S&P 500 opened up 0.1%, also within striking distance of the index’s record, also from Dec. 4.

The Nasdaq Composite dipped into tight early losses, as Apple ( AAPL ) dropped 0.4% and all four of the FANG tech leaders posted opening declines.

The Federal Open Market Committee heads into its two-day meeting in Washington, D.C., which will wrap up with a rate policy announcement Wednesday’s afternoon. Eyes are also on Alabama, where the race for the Senate seat vacated by Attorney General Jeff Sessions has the potential to alter the balance of support for the GOP’s tax reform package.

Growth in producer prices remained steady, up 0.4% in November, the Labor Department estimated. That was even with October’s gain and above consensus projections for a 0.3% advance. Core prices, minus energy and food, rose 0.3% – down from 0.4% growth in October and above expectations for a 0.2% increase.

The Treasury Department releases its November budget data at 2 p.m. ET.

Boeing Sails On Buyback, Bitcoin Jumps And Biotechs Spike (Again)

Boeing bolted 3% higher to lead the Dow in early action. The aerospace leader announced late Monday it would hike its dividend 20% and launch an $18 billion share repurchase initiative . The stock remains extended above a flat base entry at 246.59.

Verizon Communications rattled off a 1.4% gain, after Nomura upgraded the stock to buy, from neutral. Verizon shares are in buy range above a 58.21 buy point.

3M rolled added 0.3%, after updating its full year 2017 and 2018 earnings guidance to just above consensus expectations. The diversified chemical leader announced Monday plans to sell its communication markets division to Corning ( GLW ) for $900 million. 3M shares are just beyond buy range above a 30.70 buy point in a cup-with-handle base.

Biotech names continued to catch fire as the American Society of Hematology Conference, set to wrap up today in Atlanta, continued to generate news.